Multifamily

REIT FINANCES CANNERY LOFTS FOR $8.2M

by admin September 10, 2013

DAYTON, OHIO — The Resource Real Estate Opportunity REIT has received $8.2 million in nonrecourse financing for Cannery Lofts, a 156-unit apartment property in downtown Dayton. According to the REIT, the property was financially distressed and inefficiently operated when it acquired the note secured by the property in May 2011. After foreclosing on and obtaining the title to Cannery Lofts in June 2012, the REIT stabilized the property. The mortgage loan matures in 2020 and features an interest rate of 3.48 percent. Cannery Lofts features exposed beams and bricks, as well as restricted access entry and a 24-hour fitness center.

September 10, 2013

BERNARD ARRANGES $5.4M LOAN FOR APARTMENT PORTFOLIO

by admin September 10, 2013

FERNDALE AND ROYAL OAK, MICH. — Bernard Financial Group has arranged a $5.4 million loan for the Urbane Apartments Portfolio in northern metro Detroit. The portfolio includes Urbane on Breckenridge in Ferndale and Urbane on Catalpa, Urbane on Center, and Urbane on Crooks South in Royal Oak. Kevin Kovachevich of Bernard Financial originated the loan on behalf of the borrower, Urbane on Crooks South LLC. CitiGroup Global Markets Realty Corp. was the lender.

September 10, 2013

Multifamily Northeast

JOHNSON & WALES OPENS CO-OP STUDENT HOUSING

by admin September 10, 2013

CRANSTON, R.I. — Johnson & Wales University, a career-focused college with four campuses, has opened Centennial House in Cranston. The university, which says this is the first co-op-style student housing, spent $2 million renovating the building that was built in 1899. Students who live here are selected based on their GPAs and social experiences and backgrounds. The 35 residents will determine house rules and participate in daily operations, including cooking, cleaning and general upkeep. The cost per student to live at Centennial House is $6,900 per academic year. A portion of the fee is set aside for students to manage a budget and pay for utilities, food for a weekly required community meal and to reimburse the university for removal of garbage and snow throughout the year. The university purchased the property in October 2012 for $459,000. The renovation team included contractor Stack Design Build and Ed Wojcik Architects.

September 10, 2013

Multifamily Northeast

MMCC ARRANGES $1.2M LOAN FOR BRONX APARTMENT BUILDING

by admin September 10, 2013

NEW YORK CITY — Marcus & Millichap Capital Corp. (MMCC) has arranged a $1.2 million loan to refinance a 22,500-square-foot apartment building in the Bronx. The 10-year loan includes a fixed interest rate of 3.9 percent for the first five years of the term and a 30-year amortization schedule. Anita Pins, associate director in the firm’s Manhattan office, arranged the refinancing. Built in 1910, the 21-unit apartment building is located at 444 E. 187th St. in the Fordham neighborhood.

September 10, 2013

Multifamily Western

LANSHIRE HOUSE IN BEVERLY HILLS SELLS FOR $8.8M

by admin September 10, 2013

BEVERLY HILLS, CALIF. – The 27-unit Lanshire House apartment complex in Beverly Hills has sold to Palm Heights LLC for $8.8 million. The community is located at 3325 Canfield Ave. It was fully occupied at the time of sale. The buyer plans to reposition the property as a boutique/hotel-like community. Sami Dinar and Michael Balson of Keller Williams Commercial in Beverly Hills represented both the buyer and the seller, Redwood Residential Investments LLP, in this transaction. The acquisition’s financing was arranged by Todd Sherman of First Pacific Financial.

September 10, 2013

Multifamily Western

OCEAN BEACH APARTMENT COMPLEX SELLS FOR $4.7M

by admin September 10, 2013

SAN DIEGO — A 22-unit apartment community in the San Diego submarket of Ocean Beach has sold to an unnamed buyer for $4.7 million. The community is located at 5041-5043 Santa Monica Ave. The seller, U.S. Bank National Association as Successor Trustee of The Keen Family Trust, was represented by Raymond S. Choi of Marcus & Millichap’s San Diego office.

September 10, 2013

Multifamily Western

ROYAL VISTA APARTMENTS IN CARSON CITY SELLS FOR $3.2M

by admin September 10, 2013

CARSON CITY, NEV. – The 98-unit Royal Vista Apartments in Carson City has sold to a Southern California-based apartment investment firm for $3.2 million. The community is located at 3230 Imperial Way. It was 86 percent occupied at the time of sale. The seller, a Southern California-based limited liability company, was represented by Kenneth N. Blomsterberg of Marcus & Millichap’s Reno office.

September 10, 2013

Seniors Housing Western

WASHINGTON GARDENS MEMORY CARE IN TIGARD RECEIVES $7.3M

by admin September 10, 2013

TIGARD, ORE. — Washington Gardens Memory Care, a 48-unit Alzheimer’s facility in Tigard, has received $7.3 million in refinancing. The facility is located at 9000 SW 91st Ave. near Downtown Portland. The cash-out refinancing was structured as a 20-year, fixed-rate, Freddie Mac loan. The loan was facilitated by Doug Harper of Berkeley Point. Washington Gardens is operated by Frontier Management, LLC and was developed by Seabold Construction Co.

September 10, 2013

Seniors Housing Western

WASHINGTON GARDENS MEMORY CARE IN TIGARD RECEIVES $7.3M

by admin September 10, 2013

September 10, 2013

Northeast Seniors Housing

M&M ARRANGES $4.8M SALE OF 90-UNIT APARTMENT BUILDING

by admin September 9, 2013

CLAYMONT, DEL. — Marcus & Millichap has arranged $4.8 million sale of River Club, a 90-unit, age-restricted apartment property located in Claymont, a northern suburb of Wilmington. Ridge MacLaren, Andrew Townsend and Clarke Talone, investment specialists in Marcus & Millichap’s Philadelphia office, marketed the property on behalf of the seller, a partnership, and the buyer, a limited liability company. River Club is located at 7807 Governor Printz Blvd. Built in 1989, the 55-plus community includes 83 one-bedroom, one-bath units and seven two-bedroom, two-bath units. The property features a sundeck overlooking the Delaware River, fitness center, cyber café and gaming room.

September 9, 2013

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